Each year, data grows more essential, nearer to the core of successful companies.
Recently, there’s been a big step forward in how the business world sees data: Companies no longer talk about “Big Data,” it’s just “data” – used to generate growth or lower costs. As this maturation process continues, a number of data analytics trends are emerging. The following trends should be on your radar.
Analytics + Machine Learning
‘Machine learning’ is one of the most talked about tech terms of late, and its disruptive influences are being seen across finance, supply chain and many other industries. Affordable data storage, robust processing power, open-source algorithms and deep datasets for “learning” have all significantly boosted the usefulness of this technology.
Companies want technology and automation to do work for them, and idea is driving the adoption of machine learning systems for analytics. Investment in machine learning is increasing rapidly, as a recent survey by Deloitte showed 57 percent of companies are boosting spending in this area. The technology is no longer being seen as an investment in the future, but more as an opportunity to boost revenue. Successful companies have been investing in machine learning and hiring people with the abilities to optimize those investments.
In 2019, the number of Data Science languages continues to grow. However, Python is emerging as the go-to language for machine learning, as is Python-based technology.
As businesses increasingly embrace data-driven decision-making, there is an emerging trend toward “data centricity” – the notion that high-quality, centralized data should be at the heart of operations. For instance, tools and systems are now being built based on data insights, rather than creating tools to gain insight from data.
Decisions big and small are increasingly being data-driven, as people gain faith in the power of their analytics.
Data Science Meets Business Intelligence
Until recently, the dashboards and reports of business intelligence were mostly kept separate from the statistical models and other aspects of data science. But now, companies are increasingly galvanizing these functions.
Thanks to the increasing combination of these technologies, executives can have visual intelligence tools that take advantage of sophisticated data science, making self-serve reports accessible when needed.
Self-Service Business Intelligence
Typically, leaders of various company units have had to ask for reports from an analytics team, or they have regular reports given to them.
However, right now, business intelligence reporting is starting to become self-service, empowering all staff members with the most recent up-to-date data that are tightly related to their job. This is as a result of increasingly powerful and intuitive business intelligence tools based in high-performance analytic databases. These modern databases can even deal with the heavy workload that normally occurs on a Monday morning without a trace of slowdown.
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